Ganguly's photography book brought him in contact of J. F. Madan, who agreed to invest in his films.[1] Ganguly and Madan Theatres' manager Nitish Lahiri formed the Indo British Film Co, the first film production company owned by Bengalis, in 1918.[2]Bilat Ferat (1921) (The England Returned), a silent comedy film directed by Nitish Lahiri, was the first production from this company.[1] They released another two movies in 1922: Yashoda Nandan and Sadhu Aur Shaitan.[2]

Ganguly founded Lotus Film Company in Hyderabad and also established a film studio and two cinema houses with the help of Nizam. In 1924, he was a distributor of Razia Begum, a film made in Bombay. This film portrayed a Muslim princess who fell in love of a Hindu. This enraged Nizam and he ordered Ganguly to leave Hyderabad.[1]

Ganguly returned to Calcuta and eventually formed another film production company British Dominion Films. Actor Pramathesh Barua invested in this venture and also acted in a film produced by this company. However, with the arrival talkies and new sound technologies, this film company failed.[1]